I went to Ohare Honda after a sales representative called me regarding a credit applicaton I filled out on their website to purchase a car. I have very bad credit and I don't have a co-signer. I had conveyed this to him many times through numerous calls. After he assured me that he thinks that he can make a deal for me with my credit history I went in to see him.
I met with him on a Saturday, and he showed me the car, I drove it and then he commenced to consult with his supervisor for terms and prices. They returned with a lease with a very high percentage rate. The lease took in my hefty deposit, and $250 trade this high percentage rate. I agreed, even though they would be making a killing and it was not really a good deal for me. I knew I would be spending a lot per month, but I was willing to do this to get my credit rating back up.
I signed a 4 year lease w/a spot delivery agreement which had a 4 day notice clause in it. On the 4th day I went in to the dealership and signed my title over for the old car, at no time did he inform me that the deal was not financed. Then 2 weeks go by and I get a call that I need a someone to co-sign the loan. Well, the 4 days are past, therefore I assumed that either the leasing was confirmed. Regardless, the car was mine based on the terms on the spot delivery agreement.
Well needless to say they demanded the car back because I didn't have a co-signer.
0 comments